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After months of teetering on the edge, it seems inflation is declining steadily, to the point where the specter of mega-price jumps erasing savings and putting families at risk of destitution is fading, with the Consumer Price Index falling from 4% to 3% last month.

The Federal Reserve is taking a victory lap here, and they deserve some credit, though the extent to which their dramatic rate hikes were the driving force in cooling inflation is arguable; they had an impact, no doubt, but the resolution of a number of supply chain issues has potentially been the most significant factor, one that the central bank has little control over.